Group 1 - The core point of the article is the leadership change at Moutai Sauce Aroma Liquor Marketing Co., Ltd., with Xie Qinqing nominated as the new chairman, succeeding Zhang Guichao, who is expected to be promoted [1] - Xie Qinqing, born in September 1982, has held various positions within the Moutai Group, including employee director and department head, indicating a strong background in company management [3] - The personnel adjustment comes at a critical development stage for Moutai's series of liquors, which are positioned as key growth drivers for the company [3] Group 2 - Moutai Sauce Aroma Liquor Company is responsible for operating several brands, including Moutai Prince Liquor, Hanjiang, and Moutai 1935, which are part of the company's dual-driven strategy [3] - Sales figures for Moutai Sauce Aroma series liquor reached 24.68 billion yuan and 17.88 billion yuan in the first three quarters of 2024 and 2025, respectively [3] - Moutai Group has identified its series of liquors as a crucial growth engine, with Moutai 1935 being positioned as a billion-level high-end product, aimed at enhancing the mid-to-high-end product line and expanding market coverage [3]

Core Viewpoint - The report from Founder Securities highlights the strong performance of iMoutai, with significant user growth and sales activity in January, indicating a positive trend for the brand and its products [1] User Growth and Sales Performance - iMoutai launched several products in January, resulting in an increase of 6.28 million new users within a month, bringing the total active users to over 15.31 million [1] - A total of 1.45 million users successfully made purchases, leading to over 2.12 million transaction orders, with 53% of the orders for the 500ml Flying Moutai [1] Pricing and Market Dynamics - The wholesale price of Flying Moutai increased from 1540 RMB per bottle to 1650 RMB from January 1 to January 31 [1] - The price of the classic version of the Year of the Horse zodiac wine surged in the secondary market from the original price of 1899 RMB to a range of 2300-2800 RMB, driven by its scarcity and collectible nature [1] Company Strategy and Industry Outlook - The company is deepening its reform and innovation efforts, focusing on a balanced approach to volume and price while considering the interests of distributors [1] - Adjustments in product offerings, operational models, channels, and pricing systems are expected to accelerate the differentiation and upgrading of the distributor group, with future core values centered on service capability, terminal control, and consumer connection [1] - The report maintains a "strongly recommended" rating for the company, reflecting confidence in its strategic direction and market position [1]

证券研究报告 | 2026年02月02日 2026年02月03日 金融工程日报 沪指单边下行险守 4000 点，资源股全线下挫、白酒表现活跃 核心观点 金融工程日报 市场表现：20260202 市场全线下跌，规模指数中上证 50 指数表现较好，板 块指数中北证 50 指数表现较好，风格指数中沪深 300 价值指数表现较好。 食品饮料、银行、电新、家电、电力公用事业行业表现较好，有色金属、钢 铁、煤炭、石油石化、基础化工行业表现较差。特高压、白酒、光纤、培育 钻石、配网等概念表现较好，黄金精选、铅锌矿、黄金珠宝、存储器、磷化 工等概念表现较差。 市场资金流向：截至 20260130 两融余额为 27153 亿元，其中融资余额 26987 亿元，融券余额 166 亿元。两融余额占流通市值比重为 2.6%，两融 交易占市场成交额比重为 9.4%。 折溢价：20260130 当日 ETF 溢价较多的是 G60 创新 ETF 申万菱信，ETF 折价较多的是现金流 500ETF。近半年以来大宗交易日均成交金额达到 23 亿元，20260130 当日大宗交易成交金额为 16 亿元，近半年以来平均折价率 6.93%，当日折价 ...

贵州茅台成交额达100亿元，现涨3.01%。 ...

证券研究报告 | 2026年02月02日 2026年02月03日 金融工程日报 沪指单边下行险守 4000 点，资源股全线下挫、白酒表现活跃 核心观点 金融工程日报 市场表现：20260202 市场全线下跌，规模指数中上证 50 指数表现较好，板 块指数中北证 50 指数表现较好，风格指数中沪深 300 价值指数表现较好。 食品饮料、银行、电新、家电、电力公用事业行业表现较好，有色金属、钢 铁、煤炭、石油石化、基础化工行业表现较差。特高压、白酒、光纤、培育 钻石、配网等概念表现较好，黄金精选、铅锌矿、黄金珠宝、存储器、磷化 工等概念表现较差。 市场情绪：20260202 市场情绪较为低迷，收盘时有 44 只股票涨停，有 130 只股票跌停。昨日涨停股票今日收盘收益为 0.40%，昨日跌停股票今日收盘 收益为-7.34%。今日封板率 61%，较前日下降 4%，连板率 20%，较前日 提升 10%。 市场资金流向：截至 20260130 两融余额为 27153 亿元，其中融资余额 26987 亿元，融券余额 166 亿元。两融余额占流通市值比重为 2.6%，两融 交易占市场成交额比重为 9.4%。 折溢价：202 ...

Group 1 - Wuliangye will launch a "Shareholder Discount Wine Purchase Activity" from February 2 to February 28, 2026, exclusively for shareholders registered by December 17, 2025 [1] - Jinsha Huashao has officially announced singer Jinsha as its brand ambassador and is promoting the new Jinsha Huashao Wine from the 1950s [2] - Guizhou Moutai Digital Technology Co., Ltd. was inaugurated, with a focus on enhancing platform operations and supporting the company's high-quality development [2] Group 2 - Li Qiangqing has been appointed as the General Manager of Guizhou Moutai Sales Co., Ltd., bringing extensive experience from various leadership roles within the Moutai Group [3] - Shanxi Fenjiu participated in the 2026 Shanxi Old Brand Carnival, showcasing its products and engaging consumers through interactive experiences [4] - Meituan Flash Purchase is collaborating with Shede Liquor for a comprehensive marketing campaign during the 2026 Spring Festival, emphasizing online and offline integration [5] Group 3 - The National Standardization Administration has released a new national standard for beer quality (GB/T4927-2025), set to be implemented on January 1, 2027, introducing significant changes in product classification [6][7] - Wan Guodong has resigned as General Manager of Qinghai Huzhu Tianyoude Qinkui Wine Co., Ltd., effective immediately, due to personal reasons [8]

2026年1月29日，新浪财经、第一财经与古井贡酒·年份原浆古20共同携手举办的"为中国经济点赞——企业家之夜"在北京正大中心举行。 这不仅仅是一场年度荣誉盛宴，更是一扇观察中国经济韧性、多元动力与未来方向的窗口。透过企业家们的感言、洞察与愿景，我们得以窥见中国经济在承 压前行中，那些坚实而蓬勃的驱动力。 基石的力量，传统产业的升级与自信 当紫金矿业创始人陈景河在回顾企业成长视频时悄然落泪，全场为之动容。这泪水，不仅是个体创业艰辛与荣耀的抒发，更是中国基础产业在全球竞争中逆 势崛起的缩影。 陈景河直言，西方公司曾控制最优质的矿业资源，但紫金凭借完整的技术能力、强大的探矿能力和每一位艰苦卓绝、富有奉献精神的紫金人，实现了"所向 披靡"。他从一个县级小企业起步，到将海外黄金板块成功分拆上市，市值瞩目，其自信宣言——"现在想不发财都很难"，背后是中国矿业企业在技术、管 理、国际化运营上累积的深厚内功。 智谱董事长刘德兵谈及其AGI（通用人工智能）愿景："让机器像人一样思考"，代表了在人工智能基础层追求终极境界的雄心。小马智行彭军则通过实时连 线无人驾驶车，展现了十年专注Robotaxi，让未来出行更安全高效的务实路 ...

Core Viewpoint - i Moutai has shown strong performance in January 2026, with significant user growth and sales volume, indicating a successful market strategy and operational adjustments [1][3]. Group 1: Operational Performance - In January 2026, i Moutai added 6.28 million new users, with monthly active users exceeding 15.31 million and total transactions surpassing 2.12 million [1]. - The core product, "Pu Fei," accounted for over 67% of total transactions, with estimated sales of approximately 5.72 million bottles and revenue contribution of about 7.6 billion [1]. - The sales forecast for the pre-Spring Festival period suggests a total sales volume of 3,562 tons, contributing around 10 billion in revenue, with expectations of a 30% year-on-year increase in "Pu Fei" sales [1][2]. Group 2: Strategic Reforms - i Moutai is undergoing significant reforms, including the cancellation of distribution models and a shift to consignment for high-value products, which is expected to accelerate inventory turnover [2][3]. - The company is focusing on high-value products while controlling inventory levels, leading to a rapid consumption of existing stock and a potential for double-digit growth during the Spring Festival [2]. Group 3: Market Outlook - The adjustments in the sales management team are expected to enhance operational effectiveness, with resilient demand for "Pu Fei" and low inventory levels for high-value products [4]. - The company maintains its earnings per share (EPS) forecasts for 2025-2027 at 72.44, 74.89, and 80.18 yuan, with a target price of 2,600 yuan and a "strong buy" rating [4].

Investment Rating - The report maintains an "Outperform the Market" rating for the food and beverage sector [4][5][10]. Core Views - The food and beverage sector is expected to perform well in 2026, with a focus on four main investment themes: cost advantages, efficiency improvements, innovation-driven growth, and opportunities for recovery in distressed segments [3][10][14]. - The report highlights the increasing signals of a bottoming out in the liquor market, particularly for baijiu, and emphasizes the importance of sales performance during the Spring Festival [2][10]. - The report suggests a diversified approach to investment, recommending leading companies in various sub-sectors, including dairy, beverages, snacks, and restaurant supply chains [2][3][10]. Summary by Relevant Sections Liquor - Baijiu prices are stable with an upward trend, and the report emphasizes monitoring sales during the Spring Festival. Key recommendations include Kweichow Moutai, Shanxi Fenjiu, and Luzhou Laojiao, with a focus on their market positioning and growth potential [2][10][11]. - The report anticipates a continued decline in production for smaller liquor companies, while larger firms are expected to manage inventory effectively [10][11]. Beer - The beer industry is experiencing healthy inventory levels, with expectations for demand recovery. Recommendations include Yanjing Beer and China Resources Beer, focusing on their growth potential and market strategies [11][12]. Snacks - The report identifies strong growth potential in the konjac snack segment, recommending leading companies like Weidong and Yanjinpuzi for their innovative product offerings and competitive advantages [12][17]. Dairy - The dairy sector is advised to focus on leading companies like Yili, with expectations for steady demand recovery and improved profitability in 2026. The report notes the importance of managing inventory and product innovation [14][15]. Beverages - The beverage sector is characterized by a focus on inventory reduction during the off-season, with key recommendations for companies like Nongfu Spring and Dongpeng Beverage, which are expected to benefit from market expansion and product innovation [15][16].

Core Insights - The article discusses the marketing campaign by Tuopai Liquor, focusing on the "T68 Truth or Dare" theme to resonate with young consumers during the Lunar New Year, transforming traditional liquor into a social bonding tool [1][2][5] Group 1: Marketing Strategy - Tuopai Liquor launched a comprehensive marketing campaign featuring a humorous TV commercial and a live-stream event to engage young consumers and address social pressures during the Spring Festival [1][2] - The campaign included the appointment of celebrities Liu Xiaoqing and Yang Yuguang as "special mouthpieces" to help young people navigate awkward social situations, effectively using humor to create emotional connections [2][3] - The integration of a catchy theme song in the TV commercial facilitated viral sharing on social media, enhancing brand penetration through music [2][3] Group 2: Consumer Engagement - Tuopai Liquor introduced an AI interactive feature allowing users to create personalized "truth" posters, fostering user-generated content and enhancing emotional ties with the brand [3] - The "Zhou's Celebration" live-stream event featured interactive elements and celebrity participation, transforming traditional e-commerce into an engaging experience that boosted sales [4][5] Group 3: Omnichannel Approach - The marketing strategy included both online and offline initiatives, such as a "Singing God" challenge on Douyin and over 500 themed events in restaurants, creating a comprehensive brand experience [5][6] - The campaign utilized targeted advertising in key urban areas and integrated promotional activities to maximize consumer reach and engagement [6] - Tuopai Liquor's approach emphasizes emotional value as a driver for long-term brand growth, evolving from a mere product option to a relatable brand for consumers [6][7]